Church & Dwight 10-Q 2026-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ende****d March 31, 2026

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-10585

CHURCH & DWIGHT CO., INC.

(Exact name of registrant as specified in its charter)

Delaware		13-4996950
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

500 Charles Ewing Boulevard**,** Ewing**,** NJ 08628

(Address of principal executive offices)

Registrant’s telephone number, including area code: (609) 806-1200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value		CHD	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☒		Accelerated filer		☐
Non-accelerated filer		☐		Smaller reporting company		☐
Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 29, 2026, there were 236,943,602 shares of Common Stock outstanding.

TABLE OF CONTENTS

PART I

Item				Page
1.		Financial Statements		3
2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		22
3.		Quantitative and Qualitative Disclosures about Market Risk		29
4.		Controls and Procedures		29

PART II

1.		Legal Proceedings		30
1A.		Risk Factors		30
2.		Unregistered Sales of Equity Securities and Use of Proceeds		31
5.		Other Information		32
6.		Exhibits		33

PART I – FINANCIAL INFORMATION

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In millions, except per share data)

	Three Months Ended
	March 31,				March 31,
	2026				2025
Net Sales	$	1,469.3			$	1,467.1
Cost of sales		787.9				807.5
Gross Profit		681.4				659.6
Marketing expenses		139.4				136.6
Selling, general and administrative expenses		251.0				227.7
Income from Operations		291.0				295.3
Equity in earnings of affiliates		2.3				1.6
Interest income		2.5				9.3
Interest expense		**(**24.0	)			(23.3	)
Other income (expense), net		0.8				(0.8	)
Income before Income Taxes		272.6				282.1
Income taxes		56.3				62.0
Net Income	$	216.3			$	220.1
Weighted average shares outstanding - Basic		236.5				245.8
Weighted average shares outstanding - Diluted		238.1				248.0
Net income per share - Basic	$	0.91			$	0.90
Net income per share - Diluted	$	0.91			$	0.89
Cash dividends per share	$	0.31			$	0.29

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In millions)

	Three Months Ended
	March 31,				March 31,
	2026				2025
Net Income	$	216.3			$	220.1
Other comprehensive income, net of tax:
Foreign exchange translation adjustments		**(**4.5	)			6.3
Defined benefit plan adjustments gain (loss)		**(**0.4	)			0.4
Income (loss) from derivative agreements		8.2				(1.9	)
Other comprehensive income		3.3				4.8
Comprehensive income	$	219.6			$	224.9

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except share and per share data)

		March 31,				December 31,
		2026				2025
Assets
Current Assets
Cash and cash equivalents		$	503.4			$	409.0
Accounts receivable, less allowances of $3.8 and $3.7			576.6				593.4
Inventories			578.4				534.8
Other current assets			62.3				59.8
Total Current Assets			1,720.7				1,597.0
Property, Plant and Equipment, Net			823.9				822.8
Equity Investment in Affiliates			12.3				10.3
Trade Names and Other Intangibles, Net			3,477.2				3,511.5
Goodwill			2,629.4				2,627.5
Other Assets			343.0				343.3
Total Assets		$	9,006.5			$	8,912.4
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable		$	729.9			$	732.4
Accrued expenses and other liabilities			452.7				583.0
Business acquisition and divestiture liabilities			197.2				178.9
Income taxes payable			33.6				3.4
Total Current Liabilities			1,413.4				1,497.7
Long-term Debt			2,205.7				2,205.1
Deferred Income Taxes			891.6				886.9
Deferred and Other Long-term Liabilities			309.8				320.5
Total Liabilities			4,820.5				4,910.2
Commitments and Contingencies
Stockholders' Equity
Preferred Stock, $1.00 par value, Authorized 2,500,000 shares; none issued			0.0				0.0
Common Stock, $1.00 par value, Authorized 600,000,000 shares and 293,709,982 shares issued as of March 31, 2026 and December 31, 2025			293.7				293.7
Additional paid-in capital			654.1				625.1
Retained earnings			6,911.5				6,768.2
Accumulated other comprehensive loss			**(**16.6	)			(19.9	)
Common stock in treasury, at cost: 56,818,945 shares as of March 31, 2026 and 57,156,105 shares as of December 31, 2025			**(**3,656.7	)			(3,664.9	)
Total Stockholders' Equity			4,186.0				4,002.2
Total Liabilities and Stockholders' Equity		$	9,006.5			$	8,912.4

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(In millions)

	Three Months Ended
	March 31,			March 31,
	2026			2025
Cash Flow From Operating Activities
Net Income	$	216.3		$	220.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		21.6			22.6
Amortization expense		41.3			38.3
Deferred income taxes		4.5			(3.5	)
Equity in net earnings of affiliates		**(**2.3	)		(1.6	)
Distributions from unconsolidated affiliates		0.2			1.8
Non-cash compensation expense		25.7			20.7
Asset impairment charge and other asset write-offs		1.7			1.4
Other		**(**0.2	)		0.1
Subtotal		308.8			299.9
Change in assets and liabilities:
Accounts receivable		13.7			6.6
Inventories		**(**45.1	)		(16.0	)
Other current assets		**(**8.3	)		(7.0	)
Accounts payable		2.3			(7.8	)
Accrued expenses		**(**131.3	)		(141.5	)
Income taxes payable		44.2			55.1
Other operating assets and liabilities, net		**(**9.5	)		(3.6	)
Change in Working Capital		**(**134.0	)		(114.2	)
Net Cash Provided By Operating Activities		174.8			185.7
Cash Flow From Investing Activities
Additions to property, plant and equipment		**(**31.9	)		(16.5	)
Other		**(**1.6	)		(0.2	)
Net Cash Used In Investing Activities		**(**33.5	)		(16.7	)
Cash Flow From Financing Activities
Proceeds from stock options exercised		16.6			19.3
Payment o

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The following discussion of the Company’s financial condition and results of operations should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 12, 2026, and the unaudited condensed consolidated financial statements and related notes contained in this Quarterly Report on Form 10-Q.

Overview

We develop, manufacture and market a broad range of consumer household and personal care products and specialty products focused on animal nutrition, chemicals and commercial products. Our well-recognized brands include ARM & HAMMER® baking soda, cat litter, laundry detergent, carpet deodorizer and other baking soda-based products; OXICLEAN® stain removers, cleaning solutions, laundry detergents and bleach alternatives; BATISTE® dry shampoo; WATERPIK® water flossers; THERABREATH® oral care products; HERO® acne treatment products; TOUCHLAND® hand sanitizers; TROJAN® condoms, lubricants and vibrators; FIRST RESPONSE® home pregnancy and ovulation test kits; NAIR® depilatories; ORAJEL® oral analgesic; XTRA® laundry detergent; and ZICAM® cold shortening and relief products. Seven of those brands are designated as "power brands" because they compete in large categories, and we believe they have the potential for significant global expansion. Those seven brands are ARM & HAMMER®; OXICLEAN®; BATISTE®; WATERPIK®; THERABREATH®; HERO® and TOUCHLAND® and represent approximately 70% of our net sales and profits.

We sell our consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar and other discount stores, pet and other specialty stores and websites and other e-commerce channels, all of which sell our products to consumers. We sell our specialty products to industrial customers, livestock producers and through distributors.

We operate in three principal segments: Consumer Domestic, Consumer International, and our Specialty Products Division (“SPD”).

Recent Developments

Global Economic Conditions and Trade Policies

We have experienced higher manufacturing costs and economic uncertainty due to changes in U.S. trade policies including ongoing reviews and modifications to tariffs and other U.S. trade measures. We continue to evaluate these evolving developments and have taken actions to mitigate their impact on our business, including exiting certain business lines, shifting production and relocating manufacturing operations, finding alternative sources of supply, selectively increasing prices, adjusting inventories, seeking exemptions with respect to tariffs, and most notably ceasing the import of substantially all Waterpik flossers and certain other products from China into the U.S. While the tariffs remain fluid, we are focused on managing these challenges. We believe our existing tariff cost exposure will be mitigated through the above-mentioned actions, future additional supply chain efforts and surgical pricing.

Middle East Conflict

The ongoing geopolitical conflict in the Middle East has disrupted global shipping routes, including the Strait of Hormuz and surrounding waterways, resulting in incremental inflationary pressure on certain commodities and transportation costs, as well as increased volatility in logistics and supply chain planning. While the situation remains fluid and unpredictable, we have implemented mitigation measures, including supplier diversification, alternative routing and incremental productivity programs. Based on current conditions, we believe we can mitigate a significant portion of these transitory impacts in 2026.

Other

For additional discussion, please refer to Item 1A, Risk Factors, and Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K.

Results of Operations

Consolidated results

	Three Months Ended				Change vs.		Three Months Ended
	March 31, 2026				Prior Year		March 31, 2025
Net Sales	$	1,469.3			0.2%		$	1,467.1
Gross Profit	$	681.4			3.3%		$	659.6
Gross Margin		46.4	%		140 basis points			45.0	%
Marketing Expenses	$	139.4			2.0%		$	136.6
Percent of Net Sales		9.5	%		20 basis points			9.3	%
Selling, General & Administrative Expenses	$	251.0			10.2%		$	227.7
Percent of Net Sales		17.1	%		+160 basis points			15.5	%
Income from Operations	$	291.0			-1.5%		$	295.3
Operating Margin		19.8	%		-40 basis points			20.2	%
Net income per share - Diluted	$	0.91			2.2%		$	0.89

Net Sales

Net sales for the quarter ended March 31, 2026 were $1,469.3, an increase of $2.2 or 0.2% as compared to the same period in 2025. The components of the net sales increase are as follows:

	Three Months Ended
	March 31,
Net Sales - Consolidated	2026
Product volumes sold(1)		5.3	%
Pricing/Product mix(2)		(0.3	%)
Foreign exchange rate fluctuations		1.1	%
Exit of product lines(3)		(8.1	%)
Acquisitions(4)		2.2	%
Net Sales increase		0.2	%

(1)

For the three months ended March 31, 2026, the volume change reflects increased product unit sales in all three segments.

(2)

For the three months ended March 31, 2026, price/mix was unfavorable in the Consumer Domestic and Consumer International segment, partially offset by the SPD segment.

(3)

In the fourth quarter of 2025, we divested the vitamin business. In the second quarter of 2025, we announced that we are exiting the Flawless, Spinbrush, and Waterpik showerhead businesses. The business exits were completed by the end of 2025.

(4)

In the third quarter of 2025, we completed the acquisition of Touchland.

Gross Profit / Gross Margin

Our gross profit was $681.4 for the three months ended March 31, 2026, a $21.8 increase as compared to the same period in 2025. Gross margin increased 140 basis points (“bps”) in the first quarter of 2026 compared to the same period in 2025. The increase in gross margin was primarily due to the impact of productivity programs of 150 bps, benefits of the Touchland Acquisition combined with the impact of business exits of 110 bps, favorable volume/price/mix of 50 bps and favorable foreign exchange of 10 bps, partially offset by the impact of higher manufacturing costs of 180 bps (including labor, inflation in commodities and transportation and higher tariffs, net of tariff mitigation actions).

Operating Expenses

Marketing expenses for the three months ended March 31, 2026 were $139.4, an increase of $2.8 or 2.0% as compared to the same period in 2025. Marketing expenses as a percentage of net sales in the first quarter of 2026 increased by 20 bps to 9.5% compared to 9.3% in the same period in 2025 due to increased investment in our brands and new products, supporting our innovation initiatives and organic growth.

SG&A expenses were $251.0 in the first quarter of 2026, an increase of $23.3 or 10.2% as compared to the same period in 2025. SG&A as a percentage of net sales increased 160 bps to 17.1% in the first quarter of 2026 as compared to 15.5% in the same period in

2025. The increase is primarily due to the Touchland Acquisition and focused investments in new growth initiatives, e-commerce and our international business.

Income from Operations

Operating margin decreased 40 basis points to 19.8% for the three months ended March 31, 2026, as compared to 20.2% in the same period in 2025.

Non**operating Expenses

Interest income for the three months ended March 31, 2026 decreased $6.8 to $2.5 as compared to the same period in 2025 due to lower investment income from lower average cash balances.

Interest expense for the three months ended March 31, 2026 increased $0.7 to $24.0, as compared to the same period in 2025.

Other income (expense) was nominal for the three months ended March 31, 2026 and 2025.

Income Taxes

The effective tax rate for the three months ended March 31, 2026 was 20.7%, compared to 22.0% in the same period in 2025. The decrease is primarily due to lower state income taxes offset by lower stock option exercises.

Diluted EPS

We reported diluted net earnings per share for the three months ended March 31, 2026 of $0.91, an increase of approximately 2.2% from diluted net earnings per share of $0.89 for the three months ended March 31, 2025.

Segment results

We operate three reportable segments: Consumer Domestic, Consumer International and SPD. These segments are determined based on differences in the nature of products and organizational structure.

Segment			Products
Consumer Domestic			Household and personal care products
Consumer International			Primarily personal care products
SPD			Specialty products

Segment net sales and income from operations for the three months ended March 31, 2026 and March 31, 2025 are as follows:

	Consumer				Consumer
	Domestic				International				SPD				Total
Net Sales
First Quarter of 2026	$	1,117.7			$	273.9			$	77.7			$	1,469.3
First Quarter of 2025		1,129.8				261.9				75.4				1,467.1
Income from Operations
First Quarter of 2026	$	240.2			$	39.9			$	10.9			$	291.0
First Quarter of 2025		244.8				37.7				12.8				295.3

Product line revenues from external customers are as follows:

	Three Months Ended
	March 31,				March 31,
	2026				2025
Household Products	$	641.6			$	614.9
Personal Care Products		476.1				514.9
Total Consumer Domestic		1,117.7				1,129.8
Total Consumer International		273.9				261.9
Total SPD		77.7				75.4
Total Consolidated Net Sales	$	1,469.3			$	1,467.1

Household Products include laundry, deodorizing, and cleaning products. Personal Care Products include condoms, pregnancy kits, oral care products, skin and hair care products, and cold and remedy products.

Consumer Domestic

Consumer Domestic net sales in the first quarter of 2026 were $1,117.7, a decrease of $12.1 or 1.1% as compared to the same period in 2025. The components of the net sales change were as follows:

		Three Months Ended
		March 31,
Net Sales - Consumer Domestic		2026
Product volumes sold			5.5	%
Pricing/Product mix			(0.1	%)
Exit of product lines (1)			(9.0	%)
Acquisition(2)			2.5	%
Net Sales decrease			(1.1	)%

(1)

In the fourth quarter of 2025, we divested the vitamin business. In the second quarter of 2025, we announced that we are exiting the Flawless, Spinbrush, and Waterpik showerheads businesses. The business exits were completed by the end of 2025.

(2)

The Touchland Acquisition is included in our results since July 16, 2025, the date of acquisition.

Net sales excluding business exits and the acquisition of Touchland increased for the three months ended March 31, 2026, reflecting growth from THERABREATH® mouth wash and toothpaste, ARM & HAMMER® Cat Litter, HERO® acne treatment products, and OXICLEAN® powder, partially offset by declines in WATERPIK® Oral Care.

Consumer Domestic income from operations for the first quarter of 2026 was $240.2, a decrease of $4.6 as compared to the first quarter of 2025. Consumer Domestic income from operations benefited from strong organic sales growth across household and personal care, plus sales volume from the Touchland Acquisition. Partially offsetting these volume benefits is the sales impact from the exited businesses. In total, increased sales volumes and changes in mix, primarily from the exited businesses, resulted in a net benefit of $17.2. Additionally, Consumer Domestic realized the benefit of productivity programs of $19.2 and a reduction in marketing expenses of $3.7 due to the exited businesses. These benefits were offset by higher manufacturing and distribution expenses of $29.2 due to inflation and sales volumes as well as higher SG&A expenses of $15.2 primarily related to the Touchland Acquisition.

Consumer International

Consumer International net sales were $273.9 in the first quarter of 2026, an increase of $12.0 or 4.6% as compared to the same period in 2025. The components of the net sales change were as follows:

		Three Months Ended
		March 31,
Net Sales - Consumer International		2026
Product volumes sold			5.3	%
Pricing/Product mix			(1.6	%)
Foreign exchange rate fluctuations			5.9	%
Exit of product lines (1)			(6.1	%)
Acquisitions(2)			1.1	%
Net Sales increase			4.6	%

(1)

In the fourth quarter of 2025, we divested the vitamin business. In the second quarter of 2025, we announced that we are exiting the Flawless, Spinbrush, and Waterpik showerheads businesses. The business exits were completed by the end of 2025.

(2)

The Touchland Acquisition is included in our results since July 16, 2025, the date of acquisition.

Net sales excluding business exits, the acquisition of Touchland and changes in foreign exchange rates increased in the first quarter ended March 31, 2026 primarily driven by THERABREATH® mouth wash, BATISTE® dry shampoo and HERO® acne treatment products in the Global Markets Group, HERO® acne treatment products in Germany and UK, and ARM & HAMMER® Cat Litter in Canada partially offset by lower sales in the middle east region.

Consumer International income from operations was $39.9 in the first quarter of 2026, an increase of $2.2 as compared to the first quarter of 2025. Consumer International income from operations benefited from strong organic sales growth across the portfolio, plus sales volume from the Touchland Acquisition. Partially offsetting these volume benefits is the sales impact from the exited businesses. In total, increased sales volumes and changes in mix, primarily from the exited businesses, resulted in a net benefit of $6.4. Consumer International also experienced favorable manufacturing and distribution expenses of $5.4. These benefits were partially offset by higher SG&A expenses of $7.3 primarily due to the Touchland Acquisition, higher marketing expenses of $6.5 to support growth, and unfavorable price/mix of $3.3. Income from operations was also impacted by favorable foreign exchange rates of $7.6.

Specialty Products (“SPD”)

SPD net sales were $77.7 in the first quarter of 2026, an increase of $2.3 or 3.1% as compared to the same period in 2025. The components of the net sales change were as follows:

		Three Months Ended
		March 31,
Net Sales - SPD		2026
Product volumes sold			2.0	%
Pricing/Product mix			1.1	%
Net Sales increase			3.1	%

Net sales increased in the three months ended March 31, 2026 primarily due to growth in our sodium bicarbonate and animal nutrition businesses.

SPD income from operations was $10.9 in the first quarter of 2026, a decrease of $1.9 compared to the first quarter of 2025 due to higher SG&A expenses of $2.3 and unfavorable manufacturing costs of $1.1, partially offset by favorable price/mix of $0.8, higher volumes of $0.5 and lower marketing expenses of $0.3.

Equity in Earnings of Affiliates

Equity in earnings of affiliates represents the results of Armand in the three months ended March 31 2026 and 2025.

Liquidity and Capital Resources

On July 17, 2025, the Company entered into a new unsecured revolving Credit Agreement (the “Credit Agreement”). The Credit Agreement replaced the Company’s prior $1,500.0 unsecured revolving credit facility that was entered into on June 16, 2022. The aggregate commitments of the lenders under the Credit Agreement are $2,000.0, with an option to increase such commitments to $2,750.0. The revolving credit facility matures on July 17, 2030, unless extended. Borrowings under the Credit Agreement are available for general corporate purposes and are used to support our $2,000.0 commercial paper program.

As of March 31, 2026, we had $503.4 in cash and cash equivalents, and approximately $1,993.0 available through our revolving credit facility and our commercial paper program. To preserve our liquidity, we invest cash primarily in government money market funds, prime money market funds, short-term commercial paper and short-term bank deposits.

The current economic environment presents risks that could have adverse consequences for our liquidity. See “Our operating results have been, and could be in the future, adversely affected by natural disasters, public health crises, political crises, or other catastrophic events, or unfavorable worldwide, regional and local economic and financial market conditions” under “Risk Factors” in Item 1A of the Form 10-K. We continue to manage all aspects of our business including, but not limited to, monitoring the financial health of our customers, suppliers and other third-party relationships, implementing gross margin enhancement strategies and developing new opportunities for growth. We do not anticipate that current economic conditions will adversely affect our ability to comply with the financial covenant in the Credit Agreement because we currently are, and anticipate that we will continue to be, in compliance with the maximum leverage ratio requirement under the Credit Agreement.

On October 28, 2021, the Board authorized the Company’s share repurchase program, under which we may repurchase up to $1,000.0 in shares of Common Stock (the “2021 Share Repurchase Program”). The 2021 Share Repurchase Program does not have an expiration and replaced the 2017 Share Repurchase Program.

We have $228.9 of share repurchase availability under the 2021 Share Repurchase Program as of March 31, 2026.

The 2021 Share Repurchase Program did not modify our evergreen share repurchase program, authorized by the Board on January 29, 2014, under which we may repurchase, from time to time, Common Stock to reduce or eliminate dilution associated with issuances of Common Stock under our incentive plans.

On January 28, 2026, the Board declared a 4.2% increase in the regular quarterly dividend from $0.295 to $0.3075 per share (equivalent to an annual dividend of $1.23 per share) payable to stockholders of record as of February 13, 2026. The increase raises the annualized dividend payout from $287.0 to approximately $291.0 on an annualized basis.

We anticipate that our cash from operations, together with our current borrowing capacity, will be sufficient to fund our share repurchase programs to the extent implemented by management, pay debt and interest as it comes due, pay dividends at the latest approved rate, and meet our capital expenditure program costs, which are expected to be approximately $130.0 in 2026 including manufacturing capacity investments for THERABREATH® and Sterimar and an enterprise resource planning (ERP) project. Cash, together with our current borrowing capacity, may be used for acquisitions that would complement our existing product lines or geographic markets.

Cash Flow Analysis

	Three Months Ended
	March 31,				March 31,
	2026				2025
Net cash provided by operating activities	$	174.8			$	185.7
Net cash used in investing activities	$	(33.5	)		$	(16.7	)
Net cash used in financing activities	$	(44.9	)		$	(61.0	)

Net Cash Provided by Operating Activities – Our primary source of liquidity is the cash flow provided by operating activities, which is dependent on net income and changes in working capital. Our net cash provided by operating activities in the three months ended March 31, 2026 decreased by $10.9 to $174.8 as compared to $185.7 in the same period in 2025 due to an increase in working capital partially offsetting an increase in cash earnings (net income adjusted for non-cash items). The increase in working capital is primarily related to the timing of income tax payments and higher inventory purchases to support growth partially offset by an increase in accounts payable. We measure working capital effectiveness based on our cash conversion cycle. The following table presents our cash conversion cycle information for the quarters ended March 31, 2026 and 2025:

	Quarter ended as of
	March 31, 2026				March 31, 2025**(1)**				Change
Days of sales outstanding in accounts receivable ("DSO")		35				35				-
Days of inventory outstanding ("DIO")		64				70				(6	)
Days of accounts payable outstanding ("DPO")		79				77				(2	)
Cash conversion cycle		20				28				(8	)

(1)

The March 31, 2025 cash conversion cycle calculation was revised to reflect a quarter-to-quarter four-period average method.

The cash conversion cycle (defined as the sum of DSO and DIO less DPO) is calculated using a quarter-to-quarter four-period average method. The Company considers the four-period average preferable to the previously employed two-period average as it mitigates period-to-period volatility. If the prior two-period average method had been applied as of March 31, 2025, DIO would still reflect a decrease of six days and the cash conversion cycle would still reflect a decrease of eight days compared to the previous year. The decrease in DIO is primarily attributable to enhanced inventory management initiatives. We continue to focus on reducing our working capital requirements.

Net Cash Used in Investing Activities – Net cash used in investing activities during the first three months of 2026 was $33.5, primarily reflecting $31.9 for additions to property, plant, and equipment. Net cash used in investing activities during the first three months of 2025 was $16.7, primarily reflecting $16.5 for property, plant and equipment additions.

Net Cash Used in Financing Activities – Net cash used in financing activities during the first three months of 2026 was $44.9, reflecting $72.9 of cash dividend payments and $19.8 related to business acquisition liability payments, partially offset by a $36.2 source of cash from the Company's TSA agreement with Piping Rock and proceeds from stock option exercises of $16.6. Net cash used in financing activities during the first three months of 2025 was $61.0, reflecting $72.4 of cash dividend payments and $5.9 related to the payment of a business acquisition liability, partially offset by $19.3 of proceeds from stock option exercises.

Market risk

For quantitative and qualitative disclosures about market risk affecting the Company, see “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of Part II in the Form 10-K.

a) Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) at the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this report, are effective to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the United States Securities and Exchange Commission (the “Commission”), and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding the disclosure.

b) Change in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurring during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

This report contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; the impact of the Touchland Acquisition; the impact of tariffs; the intended benefits of the exploration of strategic alternatives for certain of our businesses; gross margin changes; trade and marketing spending; marketing expense as a percentage of net sales;

sufficiency of cash flows from operations; earnings per share; the impact of new accounting pronouncements; cost savings programs; recessionary conditions; interest rates; inflation; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact of acquisitions; and capital expenditures. Other forward-looking statements in this report may be identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,”“ outlook,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect. In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events), including those relating to the outbreak of contagious diseases; the impact of new regulations and legislation and change in regulatory priorities; shifting economic policies in the United States; potential changes in export/import and trade laws, regulations and policies of the United States and other countries, including any increased trade restrictions or tariffs; increased or changing regulation regarding the Company's products and its suppliers in the United States and other countries where it or its suppliers operate; the impact on the global economy of the Russia/Ukraine war and conflict in the Middle East, including the impact of export controls and other economic sanctions; potential recessionary conditions or economic uncertainty; the impact of continued shifts in consumer behavior, including accelerating shifts to on-line shopping; unanticipated increases in raw material and energy prices, including as a result of the Russia/Ukraine war, conflict in the Middle East or other inflationary pressures; delays and increased costs in manufacturing and distribution; increases in transportation costs; labor shortages; the impact of price increases for our products; the impact of inflationary conditions; the impact of supply chain and labor disruptions; the impact of severe inclement weather on raw material and transportation costs; adverse developments affecting the financial condition of major customers and suppliers; competition; changes in marketing and promotional spending; growth or declines in various product categories and the impact of customer actions in response to changes in consumer demand and the economy, including increasing shelf space or on-line share of private label and retailer-branded products or other changes in the retail environment; impairment charges or other negative impacts to the value of the Company's assets; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; the Company’s ability to complete the announced strategic alternatives for certain of our businesses and realize the intended benefits; the risk that the announcement of strategic alternatives could have an adverse effect on the Company; the Company’s ability to maintain product quality and characteristics at a level acceptable to our customers and consumers; disruptions in the banking system and financial markets; the Company’s borrowing capacity and ability to finance its operations and potential acquisitions; higher interest rates; foreign currency exchange rate fluctuations; market volatility; issues relating to the Company’s information technology and controls; the impact of natural disasters, including those related to climate change, on the Company and its customers and suppliers, including third party information technology service providers; integrations of acquisitions or divestiture of assets; the outcome of contingencies, including litigation, pending regulatory proceedings and environmental matters; and changes in the regulatory environment in the countries where we do business.

The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the United States federal securities laws. You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the Commission.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

General

The Company, in the ordinary course of its business, is the subject of, or party to, various pending or threatened legal actions, government investigations and proceedings from time to time, including, without limitation, those relating to commercial transactions, product liability, purported consumer class actions, employment matters, antitrust, environmental, health, safety and other compliance related matters. Such proceedings are subject to many uncertainties and the outcome of certain pending or threatened legal actions may not be reasonably predictable and any related damages may not be estimable. Certain legal actions could result in an adverse outcome for us, and any such adverse outcome could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A, “Risk Factors” in the Form 10-K, which could materially affect the Company’s business, financial condition or future results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The Company repurchases shares of its Common Stock from time to time pursuant to its publicly announced share repurchase programs.

During the first quarter of 2026, the Company did not repurchase any shares of Common Stock pursuant to its share repurchase programs. The following table contains information for shares repurchased during the first quarter of 2026, which was solely due to shares of Common Stock withheld by the Company to satisfy tax withholding obligations in connection with the vesting of restricted stock.

There remains $228.9 of share repurchase availability under the 2021 Share Repurchase Program as of March 31, 2026.

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under All Programs
1/1/2026 to 1/31/2026			-			$	-				-			$	228,905,959
2/1/2026 to 2/28/2026			-				-				-			$	228,905,959
3/1/2026 to 3/31/2026			48,837				103.14				-			$	228,905,959
Total			48,837			$	103.14				-

ITE****M 5. OTHER INFORMATION

Securities Trading Plans of Directors and Executive Officers

During the three months ended March 31, 2026, none of our directors or executive officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K).

ITE****M 6. EXHIBITS

Exhibit Index

		(3.1)		Amended and Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Company’s quarterly report on Form 10-Q filed on June 30, 2020.
		(3.2)		Amendment to the Company’s Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on April 30, 2021.
		(3.3)		Amendment to the Company’s Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on May 6, 2024.
		(3.4)		By-laws of the Company, amended and restated as of April 27, 2023, incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on April 28, 2023.
		(10.1)		Church & Dwight Co., Inc. Employee Stock Purchase Plan, as approved by the Company’s stockholders on April 7, 2023, and amended and restated as of April 4, 2026.
		(10.2)		Amended and Restated Change in Control and Severance Agreement by and between the Company and Richard A. Dierker, dated February 5, 2026.
		(31.1)		Certification of the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) under the Securities Exchange Act.
		(31.2)		Certification of the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) under the Securities Exchange Act.
		(32.1)		Certification of the Chief Executive Officer of the Company pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
		(32.2)		Certification of the Chief Financial Officer of the Company pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
		(101.INS)		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
		(101.SCH)		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
		(104)		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

Indicates documents filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				CHURCH & DWIGHT CO., INC.
				(REGISTRANT)
DATE:		May 1, 2026		/s/ Lee B. McChesney
				LEE B. MCCHESNEY
				Executive Vice President
				and Chief Financial Officer
				(Principal Financial Officer)
DATE:		May 1, 2026		/s/ Joseph J. Longo
				JOSEPH J. LONGO
				VICE PRESIDENT AND
				CONTROLLER
				(PRINCIPAL ACCOUNTING OFFICER)